The delay from the indicative timeline in the Bid Implementation Agreement is principally due to challenges from and the unavailability of relevant personnel as a result of the global impact of COVID-19.
LNGL will issue its Target's Statement as soon as practicable (and no later than 15 days) after the Bidder's Statement is despatched to shareholders.
LNGL's Board of Directors remains of the unanimous view that LNGL shareholders should accept the LNG9 Offer once received (in the absence of a superior proposal being received) and will make this recommendation in the Target's Statement.
Despite the amendment announced on
LNG9 has informed LNGL that it intends to work with LNGL to provide or arrange new sources of funding as a supplement to existing cash on hand to improve LNGL's working capital position and sustain its operations through to at least the end of the LNG9 offer period. LNGL's existing funding is sufficient to meet all of LNGL's commitments until late
Based on discussions held to date, LNGL anticipates that new sources of funding on terms acceptable to LNGL and LNG9 will be obtained, although that is not certain.
As a result of the information set out above, the indicative timetable set out in the Bid Implementation Agreement attached to LNGL's
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LNGL is an ASX listed company (Code: LNG and OTC ADR: LNGLY) whose portfolio consists of 100% ownership of the following companies:
Disclaimer
Forward-looking statements may be set out within this correspondence. Such statements are only predictions, and actual events or results may differ materially. Please refer to our forward-looking statement disclosure contained on our website at www.LNGLimited.com.au and to the Company's Annual Report and Accounts for a discussion of important factors that could cause actual results to differ from these forward-looking statements. The Company does not undertake any obligation to update publicly, or revise, forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.
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